Terra Tech Corp (OTCMKTS:TRTC) Gets Back on Track

After skidding near its lowest closing prices for the past 52 weeks, Terra Tech Corp (OTCMKTS:TRTC) managed to score a decent green session yesterday. The stock shuffled 9% up and stopped a5 $0.094 per share by the bell. Volume was double that of Wednesday, at 1.5 million shares changing hands. The reason for the green move was a new press release from the company.

TRTC chimed in with a fresh bit of news shortly before the market opened on Thursday. The company announced that IVXX is now sold through another 60 new “medical cannabis collectives” in the state of California. The news is compounded by the reminder that California governor Jerry Brown recently signed three separate bills, or the Marijuana Regulation and Safety Act of the state. This legislative framework paves the way for “for-profit” medical marijuana business in CA.

Even though the bills will go into effect in 2018, a good while down the road, CEO Derek Peterson expressed his excitement about the new legislation and the allegedly “largest to date” order of IVXX in those 60 new locations.

The combination of a new spike in IVXX popularity and the positive news surrounding California’s legislation on pot, helped TRTC make a much needed push up the charts. Since the company uplisted from OTCBB into the QX tier, the share price has been mostly slipping, despite the optimistic PR and investor presentation that was put up recently.

With the addition of another 60 dispensaries and other locations that sell IVXX, the total number of outlets distributing TRTC‘s newest brand approaches 200. This is no small distribution footprint and the results of this expansion should become very visible in the company’s next due reports.

The Q3 report that is due in another month should already contain a significant revenue boost derived from IVXX and the annual report should seal the deal with solid performance, given the rapid expansion. The more impatient traders will need to sit through until at least the annual is out, as TRTC‘s other big endeavor which should give the company a big boost is not happening until Q1 of 2016. This is when TRTC‘s twice-delayed dispensary locations should start opening their doors in the state of Nevada.